UPL – Diamond Pattern Breakdown to W-Bottom Reversal

The monthly chart of UPL reflects a complete structural cycle:

1️⃣ Uptrend Phase:
A clear sequence of Higher Highs – Higher Lows (HH-HL) marked the early rally.
2️⃣ Diamond Pattern at Peak:
A diamond-shaped consolidation developed at the top of the rally, a common occurrence near trend maturity.
3️⃣ Breakdown & Downtrend:
A breakdown candle from the diamond pattern initiated a period of Lower Highs – Lower Lows (LH-LL), establishing a sustained downtrend.
4️⃣ W-Bottom Formation:
At the lower structure, a W-bottom emerged with Higher Low formation followed by a Higher High, indicating a structural shift.
5️⃣ Counter Trendline Interaction:
The earlier diamond pattern boundary has evolved into a counter trendline, now serving as an important structural reference zone.

📌 Observation:
The counter trendline remains a key structural reference on higher timeframes. This is a technical observation and not a directional view.